Good morning investors! Oil prices rose after Iran’s Houthi allies said they attacked two Saudi oil tankers in the Red Sea. Plus, stocks also nosedived.
Today we cover:
New tariffs?
IBM impresses
Trump accounts
📊 Economy and News
Trump to Impose New 10-12.5% Tariffs on 60 Trade Partners Starting Friday
The Trump administration will enact new tariffs of 10% to 12.5% on 60 U.S. trade partners, effective 12:01 a.m. ET Friday, as temporary 10% global tariffs expire.
The duties target countries accused of failing to curb forced-labor practices in trade with the U.S. and will cover over 99% of U.S. imports. Officials described the move as the most sweeping international labor rights enforcement action ever taken by any country.
The tariffs, imposed under Section 301 of the Trade Act of 1974, will not stack on top of existing steel and aluminum duties. They follow recent actions including 25% tariffs on most Brazilian imports and upcoming 50% tariffs on certain Canadian goods.
Global hits:
Canada retail sales rise 1% in May as shoppers broaden purchases.
South Africa’s central bank holds rates steady at 7%.
ECB leaves interest rates unchanged amid Iran-linked inflation worries.
Reminder: 10-year Treasury yield rises to highest since January 2025 as surging oil rekindles inflation fear.
👨 Sponsored by Greenland Energy Corp
In October 2026, Greenland Energy Company (NASDAQ: GLND) plans to spud the first modern onshore oil wells in Greenland's history — OPW-1 and OPW-6, drilled to 3,500 metres. GLND has rights to earn up to a 70% working interest after funding and completing the first two wells, subject to the farm-out terms*.
The same month, Dr. Phil McGraw's Envoy Media is set to premiere Arctic Wildcatters, a six-part docuseries chronicling the entire campaign — projected to reach 220M+ TV households across the U.S.
Behind it all: 58 prospects mapped by Sproule, up to ~13 billion barrels of gross un-risked prospective resources, and a locked-up post-deSPAC float currently trading with reported borrow rates near ~827%.
One basin. One month. One ticker.
Read the updated investor presentation — before the cameras start rolling.
*Filings indicate 50% after the first well and 70% after the second.
**This is a paid advertisement by Greenland Energy Company
📈 Stocks
S&P 500 7,408.30 (-1.21%)
DJIA 51,711.65 (-0.97%)
NASDAQ 25,137.69 (-2.15%)
BRENT CRUDE 100.6 (+6.44%)
* Prices as of Jul 24th, 12:20 AM UTC
Intel Stock Surges 11% on Strongest Revenue Growth in Nearly 15 Years
Intel reported robust second-quarter results, beating expectations and posting its fastest revenue growth since 2011, driven by the AI boom.
Key Results (vs. estimates):
Revenue: $16.1 billion (vs. $14.42 billion expected) — up 25%
Adjusted EPS: 42 cents (vs. 21 cents expected)
The stock jumped 11% in extended trading. Intel shares are up over 170% year-to-date in 2026, despite a recent 28% slump in July.
CEO Lip-Bu Tan highlighted strong demand for its server processors amid the AI infrastructure surge. Data center revenue soared 59% to $6.3 billion, while client (PC) revenue rose 13% to $8.9 billion.
Intel raised its third-quarter guidance and announced progress in securing long-term customer agreements for server CPUs. The company is also ramping up capital spending to expand its foundry business.
Interesting: Oracle signs 10-year software contract with Pentagon worth up to $7 billion.
Eli Lilly says it will file for approval of next-generation obesity drug in 2027 as it clears two more trials.
Surprising: Google Cloud CEO Kurian says customers are spending 50% more as segment blows away expectations.
💵 Personal Finance
Trump Accounts: New Child Savings Program Launches with Federal Seed Money
Trump Accounts, a new federal savings and investment vehicle for children, officially launched on July 4, 2026. Over 7 million accounts have already been opened, with $1.5 billion invested so far.
Key Features:
IRA-style accounts for U.S. children under 18 with a Social Security number.
Money grows tax-deferred. Withdrawals after age 18 are taxed as ordinary income (gains only for individual contributions).
Default investment: Low-cost S&P 500 ETF (expense ratio 0.02%).
Accounts are held and managed via Robinhood.
Contributions:
Up to $1,000 federal pilot seed for eligible newborns (born 2025–2028).
Annual limit: $5,000 combined from family/friends + employers.
Employers can contribute up to $2,500 pre-tax per employee.
Philanthropists, states, and nonprofits can also contribute.
Parents or guardians can open accounts using Form 4547. The program aims to help families build wealth for education, home buying, or retirement, though critics note it may primarily benefit higher-income households with additional contribution capacity.
The accounts convert to traditional IRAs at age 18.
💰 Be a Better Investor
"Beware of little expenses; a small leak will sink a great ship."
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